Singapore shares closed 0.56 percent higher on Tuesday after bargain-hunting reversed earlier losses, dealers said. The blue chip Straits Times Index climbed 12.03 points to 2,178.13 on volume of 2.70 billion shares worth 2.09 billion Singapore dollars (1.43 billion US). Gainers outnumbered losers 286 to 221, with 693 stocks unchanged.
"The next stage of the market recovery will have to be underpinned by improving fundamentals," said Lim Jit Soon, a strategist with Nomura Securities. "As signs of economic recovery start to emerge, we see potential for market forecasts of Singapore's GDP (gross domestic product) to be upgraded."
Banking stocks were up, with DBS rising 26 cents to 11.50, Oversea-Chinese Banking Corp advancing 28 cents to 7.07 and United Overseas Bank gaining 12 cents to 14.12. Among property stocks, CapitaLand gained two cents to 3.14 but Keppel Land fell 69 cents to 2.10 and City Developments eased 25 cents to 7.80.
Singapore Airlines dipped one cent to 11.92 and Singapore Telecom rose two cents to 2.73. Shipping and logistics firm Neptune Orient Line fell five cents to 1.44. The company announced before the stock market closed that it had suffered a net loss of 245 million US dollars in the first quarter of this year, reversing a net profit of 121 million dollars in the same period last year.
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